Offsetting Position definition

Offsetting Position means any offsetting sale or purchase agreement, an offsetting NYMEX contract, an offsetting physical inventory position (excluding tank bottoms and pipeline linefill inventory classified as a long term asset and working inventory not held for resale), or an offsetting swap, collar or option contract, in each case eliminating price risk and substantially all basis risk.

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Offsetting Position means an amount of Eligible Position held by a Cross-Margining Participant that has been recognized by a Clearing Organization in the calculation of the Cross-Margining Reduction.

Offsetting Position means any offsetting sale or SCTSC Purchase Agreements, an offsetting NYMEX contract, an offsetting physical inventory position (excluding tank bottoms and pipeline linefill inventory classified as a long term asset and working inventory not held for resale) or an offsetting swap, collar or option contract, in each case eliminating price risk and substantially all basis risk.

Examples of Offsetting Position in a sentence

Offsetting Position means any offsetting sale or purchase agreement, an offsetting NYMEX contract, an offsetting physical inventory position or an offsetting swap, collar or option contract, in each case substantially eliminating price risk.
Open Position means (i) any physical Petroleum Inventory (other than Petroleum Inventory retained by Genesis Energy, L.P. or a Restricted Subsidiary as a result of a customer failing to take all of its reference nominations provided for under the applicable contract) or (ii) any purchase or sale contract for Petroleum Inventory that does not have an Offsetting Position.
Offsetting Position means any offsetting sale or purchase agreement, an offsetting NYMEX contract, an offsetting physical inventory position (excluding Minimum Inventories) or an offsetting swap, collar or option contract, in each case substantially eliminating price risk.
Open Position means (i) any physical Petroleum Inventory or (ii) any purchase or sale contract for Petroleum Inventory that does not have an Offsetting Position.
Genesis Energy, L.P. will not write (i.e. sell) or otherwise participate in any swap, collar or similar agreement relating to Petroleum Inventory, or write (i.e. sell) any option, unless it (i) has an Offsetting Position in Petroleum Inventory volumes and (ii) the counter-party (or guarantor to the obligations of such counter-party) at the time such financial instrument is made has one or more long term unsecured debt obligations rated A or A2 or better, respectively, by either S&P or ▇▇▇▇▇’▇.

More Definitions of Offsetting Position

Offsetting Position means, with respect to any Petroleum Inventory Position, any offsetting sale, purchase or exchange agreement, an offsetting physical inventory position (excluding tank bottoms and pipeline linefill inventory classified as a long term asset and working inventory not held for resale), or an offsetting Hedging Contract, in each case eliminating price risk and reasonably mitigating basis risk.

Offsetting Position means (i) any offsetting sale or purchase agreement, (ii) an offsetting NYMEX contract, (iii) an offsetting physical inventory position (excluding tank bottoms and pipeline linefill inventory classified as a long term asset and working inventory not held for resale), (iv) for any month subsequent to the Current Trading Month, up to fifteen percent (15%) of crude oil lease purchase volumes purchased in such Current Trading Month under 30-day evergreen floating price contracts, (v) unused physical storage capacity at Plains Terminals in the relevant period, or (vi) an offsetting swap, collar or option contract, in each case eliminating price risk and substantially all basis risk.

Offsetting Position means any offsetting sale or purchase agreement, an offsetting NYMEX contract, an offsetting physical inventory position (excluding tank bottoms and pipeline linefill inventory classified as a long term asset and working inventory not held for resale) or an offsetting swap, collar or option contract, in each case eliminating price risk and substantially all basis risk.

Offsetting Position means an offsetting position as defined in section 1092(c)(2).